Learn: Mission Statements

Welcome!Today we'll explore mission statements. These are an essential part of business strategy, helping organisations focus their efforts and communicate their purpose effectively. Let's dive right in!

What is a Mission Statement?A mission statement is a short, clear declaration of a business's purpose, values, and goals. It explains why the business exists and what it aims to achieve, providing direction for decision-making and motivating employees.

Why Mission Statements MatterMission statements are important because they help businesses stay focused on their core objectives. They guide strategy, inspire employees, and communicate the organisation's purpose to stakeholders like customers, suppliers, and investors.

Components of a Mission StatementMost mission statements include three key components: purpose (why the business exists), values (principles guiding the business), and goals (what the business aims to achieve).

Examples of Mission StatementsHere are two examples of mission statements:Tesla: "To accelerate the world's transition to sustainable energy."Nike: "To bring inspiration and innovation to every athlete in the world."Notice how both statements are concise, inspiring, and focused on their goals and values.

Creating a Mission StatementTo create a mission statement, businesses must consider their purpose, values, and goals. It should be concise, clear, and inspiring. For instance, a bakery might say: "To bring joy to our community with freshly baked goods made from the finest ingredients."

Review Time!Great work! You've learned about mission statements, their purpose, components, and examples. Now let's test your understanding with a few questions.